Bitcoin News Today: Tesla sales rise 24% in Norway amid EU slump SpaceX Bitcoin holdings exceed $1 billion

Tesla has maintained a strong presence in Norway despite growing discontent with Elon Musk’s political stances, particularly in parts of Europe where the company has seen sales drop by over 50% in 2025. Norway, however, has bucked the trend, with Tesla sales rising by 24% year-on-year during the same period. The Nordic nation remains the company’s second-largest market in Europe and has fostered a 12-year relationship with the brand that continues to show resilience. This loyalty appears to be rooted in a deeply personal connection, with many Norwegians knowing someone who owns a Tesla and viewing the brand as symbolic of the country’s transition to electric vehicles [1].

The continued dominance in Norway is notable as rival brands like Volkswagen and Chinese automakers including BYD, XPeng, and MG have made inroads into the market. In June alone, these foreign EVs combined to capture 12.3% of new car sales. In January 2025, Volkswagen even briefly overtook Tesla in the country’s EV rankings. Yet, despite this competitive pressure, Tesla has not lost its commanding position, a position that many experts believe is supported by historical brand loyalty and the personal nature of Tesla ownership in the region [1].

Meanwhile, another Musk venture, SpaceX, has seen its Bitcoin holdings grow to exceed $1 billion. As of recent data from Arkham Intelligence, the company holds 8,285 BTC, valued at approximately $1.02 billion. This comes after the cryptocurrency reached a new all-time high, marking a significant milestone for SpaceX’s investment strategy. The firm had previously held over $1.8 billion in Bitcoin in April 2021 but reduced its holdings by 70% in mid-2022 following major crypto market shocks like the collapse of Terra-Luna and FTX [1].

The timing of SpaceX’s Bitcoin accumulation mirrors Tesla’s own approach to its crypto assets. Tesla also significantly reduced its BTC holdings around the same period and currently owns 11,509 BTC, valued at about $1.42 billion. The strategic sell-offs by both companies suggest a cautious approach to holding volatile assets amid market uncertainty, while still retaining a sizeable stake in Bitcoin [1].

In Norway, Tesla’s marketing efforts, including zero-interest financing and free supercharging, have further fueled demand. However, these promotions have not been enough to offset declining sales in other Nordic countries, where Tesla models failed to crack the top-10 EV sellers in July. This highlights the unique role Norway plays in Tesla’s European market strategy, where brand loyalty remains strong even as political controversies surrounding Musk begin to affect perceptions [1].

Polling data from Norstat indicates that 40% of Tesla owners in Norway believe Musk’s political activism is harming the brand’s image. Yet, more than half of these owners still plan to buy another Tesla, demonstrating a complex relationship between the brand and its users. As Tesla continues to navigate this delicate balance, the company’s performance in Norway will remain a key indicator of how well it can manage external pressures while maintaining its market position [1].

Source: [1] Tesla boosted by Norway as SpaceX’s BTC stash tops $1B (https://coinmarketcap.com/community/articles/689dcf91cd503f0cdaa226f7/)